ZKasino announced a “2-step bridge-back process” to return investor funds within 72 hours amid allegations of a $33 million “rug pull”.
Built on blockchain technology, ZKasino, a gambling business, has announced the start of a “2-step bridge-back process” that will return investor funds within 72 hours. This announcement coincides with allegations of a $33 million “rug pull”.
In a post on Medium dated May 28, ZKAS stated, “We are now initiating the 2-step bridge back process in which bridgers can sign up and bridge back their ETH at a 1:1 ratio.” He also stated that the team has not given up on the project.
ZKasino Reaffirms Commitment Amidst Controversy
To ensure that the project is a success, the ZKasino team is continuing to put in a lot of effort. Once more, we would like to confirm to everyone that we are here to deliver and that we will continue to put forth our best efforts.
In order to complete the process of receiving a refund, the “bridger” must pay back their whole Zkasino (ZKAS) token balance from the same address that they used to make their initial Ether investment.
They must also guarantee the establishment of a claim portal after the successful completion of a data verification procedure. However, ZKAS claims that any investors who want their ETH back must forfeit any allocated ZKAS as well as the remaining 14 months of ZKAS distribution.
A number of individuals have expressed their concerns about the possibility that the sign-up website is a scam or a wallet drainer, while others have questioned the rationale behind their selection of a 72-hour window.
Only the ZKasino builder, who is at the center of the dispute and is known as “Derivatives Monke,” has shared the Medium post. Since its publication, ZKasino’s X account has not shared the Medium post.
The previous month, when ZKasino failed to fulfill its promise to repay investor ETH after the launch of its network, the company received criticism. Instead, it transferred funds totaling $33 million from investors and users to Lido for the purpose of staking.
According to the platform’s statement at the time, it “made changes from our initial plan” and converted all bridged ETH to ZKAS at a “discounted rate of $0.055” on a 15-month vesting schedule.A great number of people accused the site of engaging in an “exit scam.
On April 29, just over a week later, the Dutch authorities arrested one of the people suspected of being involved in the “rug pull”.A few days later, the ZKasino multisignature wallet received about two-thirds of the stolen assets back.
Simultaneously, Derivative Monke publicly refuted the accusations that X had deceived him. Please accept our sincere apologies for disseminating false information about the ZKasino_io initiative. According to what they wrote, “We strongly reject the claims that FIOD and Binance have made that ZKAS has committed a so-called ‘exit scam’ or ‘rug pull.”